Massachusetts Financial Services Co. MA Purchases 1,238,690 Shares of GE Vernova Inc. (NYSE:GEV)

Massachusetts Financial Services Co. MA lifted its position in shares of GE Vernova Inc. (NYSE:GEV) by 1,638.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,314,288 shares of the company’s stock after acquiring an additional 1,238,690 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.48% of GE Vernova worth $432,309,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Meeder Advisory Services Inc. lifted its position in GE Vernova by 4.8% during the 4th quarter. Meeder Advisory Services Inc. now owns 5,321 shares of the company’s stock valued at $1,750,000 after purchasing an additional 246 shares during the period. Discovery Capital Management LLC CT acquired a new position in GE Vernova in the fourth quarter valued at approximately $23,091,000. Groupama Asset Managment bought a new position in GE Vernova in the fourth quarter valued at approximately $29,634,000. Elwood Capital Partners LP acquired a new stake in GE Vernova during the 4th quarter worth $1,151,000. Finally, Geode Capital Management LLC raised its position in shares of GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after acquiring an additional 195,828 shares during the last quarter.

Wall Street Analyst Weigh In

GEV has been the topic of several recent research reports. New Street Research set a $380.00 price target on GE Vernova in a research report on Wednesday, March 5th. Johnson Rice began coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 target price on the stock. Truist Financial boosted their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Royal Bank of Canada cut their price target on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 18th. Finally, BMO Capital Markets decreased their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Seven research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $350.27.

GE Vernova Price Performance

Shares of NYSE GEV opened at $331.17 on Thursday. The business has a 50-day moving average of $339.82 and a 200-day moving average of $324.64. The stock has a market capitalization of $91.37 billion and a price-to-earnings ratio of 59.56. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.